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8. If any annuai payment is not paid when due or any default under the Loatv CoNTRACT or the <br />Security Instrumen#s securing this Note occurs, the CWCB may declare the entire outstanding <br />principai ba3ance of the Note, ail accrued interest, and any outstanding late charges <br />imme�iateiy due and payable, and the indebtedness sha!! bear interes# at the rate of 7°/fl per <br />annum from the dafie of defaui#. The CWCB shaii give the BoR�towER wiritten notice of any <br />alleged defauit and an opportunity to cure within thirty (30) days ofi r�ceipt of such notice <br />before the BoRRowER shaN be cor�sidered in default for purposes of this Promissory Note. <br />�, The Bo�tRowER and any co-signer or guaran#or hereby agree tha# ifi this Note or int�r�,t <br />thereon is not paid �vhen due or ifi suit is brought, then it shall pay a1l reasonable costs of <br />coiiection, including reasonable attorney fees. In ti�e event of any bankruptcy or similar <br />proceedings, costs of col�ection shall inclutie all costs and attorney fees incurred in connection <br />4vith such proceedings, including t�e fees of counsel for attendance at meetings of creditors' <br />cornmitte�s ar other committees. <br />9 0. This Note sha�l be governed in a11 respects by the laws of the State ofi Colorado. <br />(S E A L) <br />Aitest: <br />�����'� � f' � �.� _ __ <br />��- �� -- <br />Sign ,t �e <br />NA�,t�: Janet P�_Mor_gan __ . <br />TIT�E: Secretary __ ___ <br />DATE: Au� 30 �, 201 /+ <br />BoRRo�N��z: Sanford Canal Cornpany, a <br />Coloraclo non�ro#i# Co�-poration -„ <br />BY___!__ .�. <br />Signature <br />NA���: Marty Peterson <br />TiTtE: President <br />DATE: __Au.� 30,,_ 201 ��.._ _____ <br />A►ppetldiX 2 <br />Page 2 of 2 <br />